Maldives Bank Exchange Rates - MVR - Maldivian Rufiyaa - ރ. The foreign exchange rates for Maldives also known as the ISO code MVR or the Maldivian Rufiyaa currency and as a symbol ރ.

The official currency of island nation Maldives in Maldivian Rufiyaa(Currency Code: MVR). The word "Rufiyaa" has been derived from Sanskrit word "Rupya" meaning wrought silver. The one-hundredth subunit for Rufiyaa is "laari".The history of Maldivian Trade dates back to 13th century when cowry shells were used as coins. Many writers and travellers have written about the Maldivian trade with parts of Asia and Africa. Indications of Maldives' lucrative trade with other countries have been found as well. Later in the 17th and 18th century, due to influence from Persian and Arabic cultures, pure silver coins came to be used as currency.

Bank Exchange Rates for Maldivian Rufiyaa

The modern form of currency came into existence in 1945 when People's Manjis (Maldivian Parliament) passed the "Maldivian Bank Note" law. The new currency was opened for public use on 5 September 1948. After the enactment, new bronze coins with the national emblem and title "State of Maldives" embossed in Arabic with a name of country's sultan were introduced. The previously traded coins were discontinued on 17 June 1966. Today, the Maldivian Monetary Authority (MMA) is responsible for issuing Maldivian Rufiyaa.

Bank Exchange Rates for Maldives where the MMA issues notes of denominations 5, 10, 20, 50, 100, 500, 1000 and 2000 Rufiyaa. In addition to this, it also issues 1,5, 10, 25, and 50 laari coins. The current series of notes were first issued in 1983 and contain symbols representing fishing, island life, bazaars and central mosque. All displaying the culture and landscape of the South Asian nation. Since the coin production was difficult in the Maldives owing to its lack of natural resources, the Sultan Mohamad Fareed I ordered coins from Royal Mint in England and West Germany.

Currency Rates for Maldivian Rufiyaa

In October 2015, MMA issued 5000 Maldivian Rufiyaa notes with polymer substrate to commemorate the 50th anniversary of country's independence. For the last few years, the Maldivian Rufiyaa has hovered at 12.5 Rufiyaa per US Dollar exchange rate. However, the currency faces a lot of fluctuations because of its very few exchanges in the international market and high inflation rates in the local economy of Maldives.

Originally, until 1344, the Maldives traded using shells, when the dinar was introduced; the one dinar coin was worth 400,000 shells. Send Money Transfer to the Maldives. Bank Exchange Rates for Maldivian Rufiyaa where coins ceased to be made specifically for the Maldives in the 1900’s and this resulted in the supplementary issuing of banknotes in 1947.